My impression of the Eurogroup deal: Politically, it’s encouraging to see a compromise. Practically, the ECB will continue to do most of the heavy-lifting. And, yes, debts remain national. #Eurogroup

Germany https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇩🇪" title="Flag of Germany" aria-label="Emoji: Flag of Germany"> and France https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇫🇷" title="Flag of France" aria-label="Emoji: Flag of France"> get a deal
Spain https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇪🇸" title="Flag of Spain" aria-label="Emoji: Flag of Spain"> and Portugal https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇵🇹" title="Flag of Portugal" aria-label="Emoji: Flag of Portugal"> some extra tools
The Netherlands https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇳🇱" title="Flag of Netherlands" aria-label="Emoji: Flag of Netherlands"> sticks to its red lines
Italy https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇮🇹" title="Flag of Italy" aria-label="Emoji: Flag of Italy">? Not much, but it already has the ECB
#Eurogroup

But to me the biggest, silent winner of these few weeks is... Greece https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇬🇷" title="Flag of Greece" aria-label="Emoji: Flag of Greece">. The ECB has included Greek sovereign bonds in its asset purchases and relaxed its rules to accept them as collateral. Greece is now back on an equal footing, and has a much stronger safety net. #Eurogroup

The biggest loser? Giuseppe Conte. Italy https://abs.twimg.com/emoji/v2/... draggable="false" alt="🇮🇹" title="Flag of Italy" aria-label="Emoji: Flag of Italy"> already had won major concessions at the ECB. He chose to drum up the idea of Eurobonds, even though they always looked far-fetched. For all the rhetoric, Italy failed to win support and had to fold. He now has little to show #Eurogroup